CoreWeave said it signed short-term third-quarter compute contracts at roughly $40 million per megawatt.
- The company said it added more than $25 billion in net new customer commitments early in the third quarter and total contracted power had reached about 4.2 GW by August 11.
- CoreWeave plans to raise $3 billion through convertible senior notes due 2033, with an option for initial purchasers to buy another $500 million.
- The company also launched an ATM program covering up to 35 million Class A shares to provide “ongoing financing flexibility.”
CoreWeave (CRWV) made three separate announcements before markets opened on Thursday. The company disclosed that it is signing new compute contracts at roughly $40 million per megawatt, alongside two capital raises that will lean on that demand picture.
The company disclosed plans for a $3 billion private offering of convertible senior notes due 2033, with an option for initial purchasers to buy up to an additional $500 million.
It also announced an at-the-market program covering up to 35 million shares of its Class A common stock.
CRWV stock fell as much as 1.5% in pre-market trade and was the top trending ticker on Stocktwits at the time of writing. Retail sentiment around the firm remained in ‘bearish’ territory over the past day, even as chatter rose to ‘high’ from ‘normal’ levels.
CoreWeave’s New Compute Contracts Reach $40M Per MW
CoreWeave said it signed short-term customer contracts in the third quarter (Q3) with terms of roughly three to six months at about $40 million per megawatt (MW), measured by annualized revenue divided by the power required to serve the related compute clusters.
The company added that it has “continued to contract new compute capacity at higher prices” since June 30. It also reiterated that it added more than $25 billion in net new customer commitments early Q3 that were not included in its June 30 backlog.
The firm said total contracted power reached roughly 4.2 gigawatts (GW) as of August 11, up from about 3.7 GW at the end of the second quarter (Q2).
The company has been rapidly adding both customers and infrastructure. Its second-quarter results showed record revenue and revenue backlog, while CoreWeave said in August that it had raised more than $10 billion through unsecured debt and convertible bonds.
CoreWeave Plans Another $3B Convertible Offering
CoreWeave’s latest $3 billion convertible offering will be guaranteed by the same wholly owned subsidiaries backing CoreWeave’s existing debt. The company also plans to enter capped call transactions designed to reduce potential dilution if the notes are converted into shares.
The interest rate, initial conversion rate and other terms will be determined when the offering is priced. The notes will mature April 1, 2033, unless repurchased, redeemed or converted earlier.
CoreWeave’s existing senior notes carry coupons between 8.5% and 9.75%, while its convertibles price at 1.75%, and the company has returned to capital markets repeatedly. $2.25 billion in convertibles in December 2025, an upsized $3.5 billion convertible offering in April 2026, and $1.25 billion plus €2 billion in senior notes in June. Total debt stood near $29.8 billion as of its most recently reported quarter.
The proposed offering adds to a series of capital-market transactions CoreWeave has used to finance its expansion. The company closed a $3.1 billion delayed-draw term loan facility backed by high-performance computing infrastructure in Q2 and said it had raised more than $10 billion through unsecured debt and convertible bonds.
CoreWeave Targets Investment-Grade Credit
CoreWeave said the ATM program is intended to provide “ongoing financing flexibility” and support its objective of moving its credit profile toward investment grade.
CoreWeave has repeatedly tapped the capital markets to fund its expansion. It raised $2.25 billion through convertible notes in December 2025, followed by an upsized $3.5 billion convertible offering in April 2026.
In June, it moved back to the senior-debt market with $1.25 billion of dollar-denominated notes and additional euro-denominated senior notes. The latest $3 billion convertible offering would add to that financing stack, while the company’s new ATM program provides another source of capital.
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